Major US banks cut 100s of branches, leaving customers stranded

Visiting a physical bank branch seems like something out of another era. Now that you can deposit checks, transfer funds, and check balances on your phone.In the past few years, I have only visited my Wells Fargo branch when I needed small bills for tips before a cruise, or a certified check. I can actually now send a certified check from my business account, so I imagine bank visits may decrease for me from 3-4 last year to maybe 1 or 2 in 2025.My 21-year-old son, who has a digital-only Capital One debit card, has, as far as I know, never been in a back to conduct his own business. He does sometimes have cash he needs to deposit, which he just gives to me and I move the funds into his account.You would assume that banks would become less necessary as digital-first generations get older. The numbers back that up.The U.S. does have fewer banksAs of March 31, 2025, the Federal Deposit Insurance Corporation (FDIC) listed 4,462 total banks in the U.S., down from 4,577 in March 2024, indicating a decrease in the number of banks, according to MX.The decline reflects fewer new banks being formed and ongoing closures and consolidations: in 2024, only six new banks were established, down from eight in 2023 and 16 in 2022, reported S&P Global.Historical data show the long‑term trend of decline: the number of FDIC‑insured commercial banks has steadily fallen for decades; for example, the U.S. banking system had more than 30,000 banks in the early 20th century, but only around 4,100-4,500 today according to USA Facts."We are not surprised to see locations continue to close as banks look to further leverage their digital footprints, especially mobile banking, to drive costs lower," TheStreet Pro's Chris Versace told Yahoo, reported The Economic Times.Analysts see the changes as well.“We’ve seen banks look to shrink their branch networks, with a focus on cutting less-profitable branches that generate less customer traffic," S&P Global's Nathan Tovall told The Financial Brand.America's banks are also largely healthy, according to the FDIC."The number of problem banks is 1.3% of total banks, which is in the middle of the normal range for non-crisis periods of 1 to 2% of all banks. Four banks opened during the second quarter and one failed," the federal agency shared. ATMs have made full bank branches less necessary.Shutterstock Big U.S. banks closing over 300 locationsThe largest U.S. banks have continued to close down branches."Major US banks have announced plans to shut 311 branches since late August, a pre-Christmas wipeout that puts 2025 on track to be the worst year ever for walk-in banking," The Daily Mail reported.JPMorgan Chase came in with the most closures in 2025 at 66 shutdowns, according to the Daily Mail.TD Bank came next with 51, then Citizens Bank with 18 and Bank of America at 15 closures.TD Bank previously announced the closure of 51 branches as it moves toward a more digital model. The closure announcement came after the company said it would close another 38 branches.A total of 311 branches closed since August 2025, with PNC Bank, Wells Fargo and a few other companies making up the remaining closures. Source: The Daily Mail Chase CEO Jamie Dimon does believe in physical branches."Remember, it's better products, better services, more branches in better locations, with deepening, with customer segmentation. If we do a good job in all that, then we hope to gain share. I think we are doing a good job in that," he shared during his bank's third-quarter earnings call.Americans do still visit banks83% of Americans said they visited a bank at least once a month over the past year, with about 30% visiting four or five times a month or more, showing continued in‑person engagement despite digital alternatives, according to Gallup.com.About 27% of respondents visit a bank branch once a month, and 21% said they visit multiple times per month; 23% visit rarely, and 18% only a few times per year, shared Boston 25 News.Another analysis found that 8.9% of people visit physical bank branches daily, 27.2% monthly, 24.2% weekly, 31.7% a few times a year, and 8.1% never visit a branch, reported Self.In a survey of banked households, about 81-86% reported visiting a branch at least once over the past year, with roughly 29-35% visiting ten or more times annually, according to data from the FDIC.“Technology, such as the internet, mobile banking and payments, has allowed rate‑sensitive customers to quickly move their funds to higher‑yielding alternatives…since 2010, this trend has reversed, reducing both the number of banks and branches," LSU Professor Rajesh P. Narayanan shared on the LSU Business School website in an article entitled Research@Ourso: The Case of the Disappearing Bank Branches.Related: Women's fashion chain files Chapter 11 to fend off liquidation